ByStaples Credit Limit Increase Steps and Benefits
When you are issued a Staples line of credit, you expect it to cover your expenses. When it doesn't, there's only one thing to do. You should .
Credit line increases aren't inherently difficult, but not knowing the process can lengthen the amount of time it takes. This adds stress when you are on a tight budget and worried about being denied help.
DoNotPay is there to help through the steps to increase your credit limit. This help is available for many institutions, including:
You can wait and hope that Staples (or a different financial institution) will increase your credit limit over time, but that could take months or years. Instead, speed up the process by requesting your own credit limit increase, and you'll reap the benefits of more purchasing power.
How Credit Limit Increases Work
A credit limit is offered by a financial institution and indicates how much the lender agrees to lend you on a revolving basis. It is the amount you can spend but also the amount you could owe, plus interest and fees.
Increasing your credit limit means that the lender must trust that you can and will make payments. Sometimes, a credit card company will do this automatically because you've demonstrated a good payment history. At other times, it is up to you to point out your creditworthiness and ask for an increase yourself.
About Staples Credit Lines
Staples advertises its 2018 WalletHub title of best business credit card and touts many rewards and cashback bonuses to prove its benefits. Some of these benefits include:
- Free, next-day delivery
- 5% rewards
- Flexible payment plans
- $50 savings on first purchase (with limitations)
Multiple online reviews give Staples credit lines five stars, which lends credence to its customer service, usable rewards, and dependability. If you have a Staples credit line with an adequate credit limit, the credit card appears to be helpful.
Who Can Request a Higher Limit?
If you are an authorized user of a Staples account, you may be able to request a higher credit limit. This is assuming that you have control of the account. In commercial accounts, some employees may have access to limited purchasing power but not the power to make account changes.
A cardholder who has made on-time payments for at least six months and has maintained their credit history should be able to request a higher limit.
When Can I Request a Credit Limit Increase From Staples?
Your card should generally be active for over six months before requesting a credit limit increase. Most companies prefer to wait for six months between credit limit increases in order to obtain proof that you can handle the larger balances and payments.
If you have any delinquent payments, it is likely that you'll need six months of on-time payments or more to convince any credit card company to increase your credit limit.
What Information Will Staples Ask For?
The information you will need to request a credit limit increase varies by company. Usually, a cardholder must include their current account information, monthly income, debt ratio, and/or employment information for verification.
Staples will be looking for a positive financial history, low debt ratio, and dependable source of finances (such as a stable work history). The company may also consider changes to your financial situation, whether positive or negative (such as promotions or loss of employment).
Thinks to Consider Before Requesting a Credit Limit Increase From Staples
Before you consider a credit limit increase from Staples or any other credit institution, you should consider the impact it will have on your credit. There are multiple options:
| Hard Pull Credit Inquiry | A hard pull credit inquiry can negatively impact your credit score just like it can when you go to buy a car or refinance your home. These inquiries typically only affect your credit score for a few months, but they stay on your report for much longer. Lending institutions may see multiple applications for credit as an indicator that you are short on funds and overextending yourself financially. |
| Soft Pull Credit Inquiry | Soft credit inquiries, on the other hand, do not impact your credit score. These happen when you check your own credit score. They may also be the only inquiry required for a credit limit increase, but that depends on the situation |
| Lower Credit Utilization | A successful credit limit increase will lower the percentage of your credit utilization. This generally drives up credit scores. |
Consider how each of these possibilities will impact your credit (and for how long) before you seek a credit limit increase.
How to Request a Credit Limit Increase From Staples on Your Own
There are two common methods to request a Staples credit limit increase. They are via
- Phone
- Online
- Mail-in
The disadvantage to requesting a credit limit increase on your own is that you have to wait on hold, find the online form, and return to these options once you find the required information. It takes a lot of time and effort.
If you are denied, it can feel like you are dead in the water. You have nobody to turn to, and this causes added financial stress.
Next Steps for Staples Credit Limit Increase if You Can't Do It Yourself
It is better to start your quest for an increased Staples credit limit with the help of a trusted source. DoNotPay will help you request a credit limit increase and make sure it doesn't negatively impact your credit score.
How to request higher credit limits using DoNotPay:
If you want to request a higher Staples credit limit but don't know where to start, DoNotPay has you covered in six easy steps:
- Go to the Credit Limit Increase product on DoNotPay.
- Select which type of card you own and your credit provider.
- Tell us more about your card, such as when you first created this card, your current credit limit, what you would like your new limit to be, your card number, and whether you've missed past payments.
- Tell us more about your current income and expenses and why you would like to request a limit increase.
- Indicate whether you want to allow hard inquiries to be made into your credit history. Upload a copy of your ID and provide your e-signature.
- Submit your task. DoNotPay will deliver the letter requested on your behalf. You should hear back from the card provider with confirmation or a request for more information within a few weeks.
Get Your Staples Credit Limit Increase With the Help of DoNotPay
The value of using a product like DoNotPay is that it is fast, easy, and successful. You can reap the benefits of a credit limit increase without any of the downfalls. This is especially true if you are at risk of being denied and trying to build your credit. DoNotPay removes the negative aspects of credit limit increase requests.
The ease with which you will perform your credit limit increase request with the help of DoNotPay is remarkable. You only have to answer a few questions, and we'll do the rest. It's like having an assistant ready at all times to optimize your financial outcomes. This is not the only thing that DoNotPay can do.
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